XML 25 R12.htm IDEA: XBRL DOCUMENT

Taxes Payable

3 Months Ended

Mar. 31, 2020

6. TAXES PAYABLE

Taxes payable consisted of the following as of March 31, 2020 and December 31, 2019:

	2020		2019
Income tax – current	$	2,113,916	$	2,118,432
Value-added tax		2,147,944		1,708,298
Other taxes		327,802		260,912
Total – current		4,589,662		4,087,642
Income tax – noncurrent	$	5,782,625	$	5,782,625

Income tax payable included $7.61 million ($1.83 million included in current above and $5.78 million noncurrent) from recording the estimated one-time transition tax on post-1986 foreign unremitted earnings under the Tax Cut and Jobs Act signed on December 22, 2017. An election is available for the U.S. shareholders of a foreign company to pay the tax liability in installments over a period of eight years with 8% of net tax liability in the first five years, 15% in the sixth year, 20% in the seventh year, and 25% in the eighth year. The Company made such an election.